The Real Deal New York

Starrett City bidders reviewing offering plan online

June 11, 2008 03:13PM
By Adam Pincus

 
The offering materials for potential buyers of Starrett City went online last week, but only approved groups have been given access to read the document, an attorney representing the owners of the massive Brooklyn housing complex said.

“We have set up a site that is available for interested parties that we believe qualify,” said Jay Neveloff, a partner with Kramer Levin Naftalis and Frankel, which represents Starrett City Associates.

The Web site is private, however, and cannot be accessed by the general public. Neveloff would not say how many entities were considering submitting proposals, which are due July 8, but he said the list was growing. “It is a good number,” he said.

Last year, private investor group Clipper Equity, led by investor David Bistricer, made a $1.3 billion bid to buy the 46-tower, 140-acre development, but city, state and federal officials opposed the sale, which was blocked by the U.S. Department of Housing and Urban Development.

A deal was reached this month between the owners, led by Disque and Carol Deane, and government officials that requires a buyer to keep most of the 5,881 units affordable and keep the complex in the federal Section 8 rental-subsidy program for 20 years.

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